The IRS is reporting that bogus email scams are resurfacing. Of greatest concern now is one involving payments allegedly rejected by the Electronic Federal Tax Payment System. The bogus email contains a link that may download malicious software. Information on what to do if you receive a suspicious IRS-related communication is available on IRS.gov. The…
Glenna Mae sent along this IRS webinar notice: Meeting: Small Business Advantage: Put Our Knowledge to Work for You (Webinar)Date(s): May 18, 2011Time: 2:00 p.m. (ET); 1:00 p.m. (CT); 12:00 (MT); 11:00 a.m. (PT)Location: Your Home or OfficeContact: Internal Revenue Service Webinar; E-mail: sbse.webinars@irs.gov.Event Information: This FREE webinar is for: Small business owners Self-employed persons Independent contractors Tax practitioners Please note: CPE credit…
Reader Julie R. asked: I have educational expenses that are allowable under IRS tax regulations, but can’t for the life of me figure out where to list them on Schedule C. Could you tell me which line they go on? Education expenses are, indeed, deductible or are eligible for an Education Credit. For the purposes…
Time to get your business finances under control. I recommend you do it the easy way: make the computers do most of the work. I’ve long been a fan of Outright. It asks you to track only the minimum of detail required to do your income taxes. (As a sole proprietor, that’s a Schedule C.)…
For those of you who have contracted work out to other people or partnerships and have paid those people or partnerships $600 or more in the past year, it is soon the time to report that to the IRS and to remind the subcontractors that the payments they received are taxable. The same is true…
Starting Jan. 1, 2011, the standard mileage rate for a car (also vans, pickups or panel trucks) becomes: 51 cents per mile for business miles driven from 1 Jan thru 30 Jun; 55.5 cents per mile 1 Jul thru 31 Dec, 2011 19 cents per mile driven for medical or moving purposes from 1 Jan…
Question: Can a sole proprietor have more than one business? Answer: Yes. Next question. Easy peasy. Seriously, as a sole proprietor, you may have one (1) business or several businesses. There is no limit to the number of businesses in which you may engage. The Internal Revenue Service says you must report your income and…
Did you ever want to be able to actually talk to someone “in the know” at the Internal Revenue Service? Well, here it is: a list of IRS phone numbers and web site links designed to give you the answers you need. It is quite an extensive list. I only have one caveat: stay away from the…
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